Thailand is on the brink of a major change as the government has announced plans to legalize casinos in the country. This decision comes after years of debate and opposition, with former Prime Ministers attempting to push through legislation to no avail. However, with the support of over 80% of respondents in an online hearing, the bill supporting the construction of an entertainment mega-complex, including casinos, is set to move forward.
The legalization of land-based casinos in Thailand has the potential to bring in significant revenue, as seen in neighboring countries like Myanmar, Singapore, and Cambodia. These countries have already legalized casinos and have reaped the benefits of increased tourism and domestic gambling. Former Prime Minister Thaksin Shinawatra had previously tried to legalize casinos, citing the potential for tax revenue from an already thriving illegal market. His successor, Prime Minister Srettha Thavisin, also supported the bill but was ousted by a court decision, leading to his replacement by Paetongtarn Shinawatra, who is continuing with the plans.
The draft regulations for legalized casinos in Thailand outline a 30-year initial license that must be renewed every ten years. The cost of a gambling license will be TBH 5bn ($148.48m), with an additional annual fee of TBH 1bn ($29.69m). Additionally, a 17% tax on gaming revenue will be imposed on all license holders. Thai nationals will also be required to pay a TBH 5,000 ($148) fee each time they enter a gambling property, indicating that the casinos will primarily target foreign tourists.
Several major casino operators, such as Wynn Resorts, MGM Resorts International, and Las Vegas Sands, have expressed interest in the Thai market. Las Vegas Sands CEO Rob Goldstein identified Thailand as a potential next destination for expansion, emphasizing the country’s appeal due to its large population, accessibility, and popularity as a resort destination in Asia.
Overall, the decision to legalize casinos in Thailand marks a significant shift in the country’s stance on gambling. With the potential for increased revenue, tourism, and economic growth, the move has the potential to benefit both the government and the people of Thailand. As plans move forward and regulations are finalized, the casino industry in Thailand is poised for a new era of growth and development.